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San Joaquin County EmployeesRetirement Association

A G E N D AFINANCIAL MEETING

SAN JOAQUIN COUNTY EMPLOYEES RETIREMENT ASSOCIATIONBOARD OF RETIREMENT

FRIDAY, DECEMBER 14, 2012AT UPON ADJOURNMENT OF THE REGULAR MEETING AT APPROXIMATELY 9:30 AM

Location: SJCERA Board Room6 S. El Dorado Street, Suite 400, Stockton, California.

1.0 ROLL CALL2.0 APPROVAL OF MINUTES

2.01 Approval of the minutes for the Financial Meeting of November 9, 20122.02 Board to approve minutes

3.0 OLD/NEW BUSINESS3.01 Monthly Investment Performance Updates

01 Manager Performance Summary Report02 SIS Market Commentary and Index Returns (October/November)03 Board to accept and file reports

3.02 Mt. Lucas Enhanced MLM Index01 SIS memo Mt. Lucas Enhanced MLM Index and Consideration of Alternatives02 Mt. Lucas summary of alternative portfolio to the Enhanced MLM index03 Mt. Lucas Manager Strategy Summary04 Board to discuss and give direction to staff and consultant as appropriate

3.03 Educational Session - Emerging Markets Debt01 Presentation, “Current Investment Opportunities in the Emerging Market Debt

Sector”, by Nathan Sandler, Co-founder and Managing Partner; Angela Kay, PortfolioManager and Head of Product Management and Doug Cummings, Director of NorthAmerica Business Development of ICE Canyon, LLC

02 Board to discuss and give direction to staff and consultant as appropriate3.04 SJCERA Asset Allocation - Farm Land

01 SIS presentation on Modeling Farm Land02 Board to discuss and give direction to staff and consultant as appropriate

3.05 Bridgewater Associates01 Email from Bridgewater outlining the opportunity to move funds from Pure Alpha

Major Markets to Pure Alpha02 SIS memo on Bridgewater Pure Alpha

6 South El Dorado Street, Suite 400 • Stockton, CA 95202(209) 468-2163 • (209) 468-0480 • www.sjcera.org

SJCERA Financial Meeting • 12/14/2012 •

03 Bridgewater Pure Alpha II Manager Strategy Summary04 Bridgewater Pure Alpha Major Markets II Manager Strategy Summary05 Board to discuss and give direction to staff and consultant as appropriate

3.06 The Clifton Group01 Consent Letter - Parametric Portfolio Associates, LLC to acquire The Clifton Group

Investment Management Company02 Press Release - The Clifton Group03 Press Release - Parametric Portfolio Associates, LLC, a Subsidiary of Eaton Vance

Corp., to Acquire The Clifton Group Investment Management Company04 No action is required to consent to the assignment of the advisory agreements and

continue the business relationship with The Clifton Group3.07 Northern Trust Securities Lending

01 Memo from SIS on Northern Trust Securities Lending Program and Collateral02 Northern Trust letter regarding Securities Lending Collateral03 Non-Cash Collateral Guideline and Documents04 Board to act on recommendation

3.08 CFTC Interim Compliant Identifier (”CICI”)01 Registration completed December 6, 201202 Request from Stone Harbor to obtain CICI03 Email from Stone Harbor regarding impact on SJCERA portfolio04 Email from Morrison & Foerster on CICI05 For information only

3.09 Legacy Partners Fund II and III01 Courtland Memo on Legacy Partners Funds Valuation02 Board to review, approve or give direction to staff and consultant as necessary

3.10 SJCERA Investment Policy Revisions01 Real Estate Investment Policy

a Proposed Revisions to Investment Policy INV 0400 - Cleanb Proposed Revisions to Investment Policy INV 0400 - Mark-upc Proposed Resolution 2012-12-05 titled “Revisions to Real Estate Investment

Policy”d Board to review proposed policy revisions and adopt Resolution 2012-12-05

02 Total Fund Asset Allocation Policya Proposed Revisions to Investment Policy INV-0100 - Cleanb Proposed Revisions to Investment Policy INV-0100 - Mark-up


c Proposed Resolution 2012-12-06 titled “Revisions to Total Fund Asset AllocationPolicy”

d Board to review proposed policy revisions and adopt Resolution 2012-12-063.11 General Investment Pension Consultant Services

01 Board letter regarding consulting services02 Board to discuss and give direction to staff

4.0 STAFF REPORTS4.01 CIO Report

01 Proposed Financial Agenda Topics4.02 Investment Transactions Reports for the Month Ended October 31, 2012

01 Transaction Summary by Manager02 Transaction Summary by Company03 Investment Transactions Detail (Agenda CD)04 Board to accept and file reports

4.03 Assets by Manager as of October 31, 20125.0 CORRESPONDENCE

5.01 Letters Received01 11/8/12 Research Affiliates Patent Infringement Lawsuit against Widsom

5.02 Letters Sent01 11/30/12 Medley Extension of Offering Period

5.03 Market Commentary/Newsletters01 Bloomberg Gundlach Stock Purchase02 FX Concepts Market Insight 11/8/12 - 12/6/12

6.0 INVESTMENT MANAGER REPORTS FOR THE MONTH ENDED OCTOBER 31, 2012BOARD TO ACCEPT AND FILE REPORTS

6.01 Fixed Income Investments01 Dodge & Cox Core Fixed Income02 Doubleline Capital03 Stone Harbor Investment Partners Enhanced Core Plus04 PRIMA Capital05 Mesa West Real Estate Income Fund I06 Mesa West Real Estate Income Fund II

6.02 U.S. Equity Investments01 BlackRock Russell 100002 Capital Prospects Emerging Small Cap Value Managers


03 Legato Capital Management Emerging Small Cap Growth Managers6.03 Non-U.S. Equity Investments

01 BlackRock World ex. U.S. Index Fund02 Research Affiliates Fundamental Index - Non-U.S.03 Research Affiliates Fundamental Index - Emerging Markets04 KBI Water Ag Strategy

6.04 Global Opportunistic01 Bridgewater Associates Pure Alpha Overlay02 Marinus Capital Advisors LLC03 Medley Opportunity Fund II LP04 Mount Lucas Management Managed Futures Overlay

6.05 Short-Term Investments01 Northern Trust STIF02 The Clifton Group PIOS Cash Securitization Overlay

6.06 Public Real Estate Security Investments01 European Investors Inc. Non-U.S. Equity REIT02 INVESCO Real Estate U.S. Equity REIT

6.07 Risk Parity01 Bridgewater All Weather02 The Clifton Group Global Risk Contraction Portfolio

6.08 Inflation Protection01 Bridgewater Real Asset02 Schroder Commodity

6.09 Private Real Estate Investments - Reported Quarterly7.0 COMMENTS

7.01 Comments from the Board of Retirement7.02 Comments from the Chief Executive Officer7.03 Comments from the Public

8.0 CALENDAR8.01 Regular Meeting, January 11, 2013 at 9:00 AM8.02 Financial Meeting, January 25, 2013 at 9:00 AM

9.0 ADJOURNMENT
